Futu Holdings Offers Better Returns and Lower Valuation Than Robinhood

Futu Holdings (NASDAQ: FUTU) trades at a trailing P/E of 16x with a market cap of $22.9 billion, significantly lower than Robinhood's $78.6 billion. Futu's gross margin expanded to 88.7% in Q4 2025 from 82.5% a year earlier, with total costs declining 6.1% year-over-year despite strong revenue growth. Analyst consensus for Futu includes 20 Buy or Strong Buy ratings, with a consensus price target of $229.69 against a current price of $164.72. Futu added 954,000 net new funded accounts in 2025, bringing the total to 3.4 million, up 39.6% year-over-year. Futu's interest income grew 50.2% year-over-year, and other income grew 78.7% year-over-year in Q4, showing genuine revenue diversification beyond trading commissions. Futu's crypto penetration is in very early innings across Hong Kong, Singapore, and the U.S., meaning the crypto upside Robinhood has already priced in and is now losing is still ahead for Futu.